US sanctions Myanmar's state oil and gas enterprise
The United States has introduced a set of sanctions targeting Myanmar's state-owned Myanma Oil and Gas Enterprise (MOGE), as confirmed by the US Treasury Department.
These sanctions fall short of imposing full blocking sanctions on the primary source of foreign income for Myanmar's ruling junta.
These sanctions will take effect on December 15 and specifically prohibit certain financial services offered by Americans to the state oil and gas enterprise, marking the first direct action against this government-owned entity. Previously, Washington had primarily focused on sanctioning MOGE's leadership.
The restricted financial services encompass a wide range of transactions, including loans, accounts, insurance, investments, and various other financial services, as outlined in guidance from the Treasury Department.
It's worth noting that the US refrained from placing MOGE on the Specially Designated Nationals list, a step that would effectively remove it from the US banking system, prohibit trade with American entities, and freeze any assets it holds in the United States.
In addition to these measures, the United States has also imposed sanctions on three entities and five individuals associated with Myanmar's military, as stated in the Treasury Department's announcement. This action was carried out in collaboration with Britain and Canada.
US Secretary of State Antony Blinken commented on these developments, emphasizing that these designations are intended to close off routes for evading sanctions and to further bolster efforts to hold the regime accountable for its grave actions. He also encouraged other countries to take concrete actions to disrupt the flow of arms, aviation fuel, and revenue to Myanmar's military regime.
Myanmar has been embroiled in a state of crisis since the military coup in 2021, which was followed by a brutal crackdown that sparked a nationwide resistance movement, garnering support from various ethnic minority armies.
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